What is scenario planning?
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Benefits of scenario planning
Scenario planning can surface unidentified risks and vulnerabilities, AKA blind spots. Even companies with robust enterprise risk management processes can develop habits that limit the ability to identify new and emerging vulnerabilities.
For similar reasons, scenario planning can pressure test assumptions and actions to reveal gaps in preparedness that need to be addressed.
Scenario planning can provide insights into the readiness of the board and management to address a crisis and whether their involvement in the crisis response is optimal.
Finally, it can suggest areas where the board may need to spend more of its time and energy.
